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Northern Trust Universe Data: Reopening and Vaccination Progress Drives Strong Returns for U.S. Plan Sponsors in Q2 2021

CHICAGO–(BUSINESS WIRE)–
U.S. institutional plan sponsors had strong investment gains in the second quarter of 2021 as a result of continued market momentum from the rollout of Covid-19 vaccinations. The median plan in the Northern Trust Universe returned 6.0% for the quarter, ranking the period as the fifth-best quarterly result over the last 10 years.

The Northern Trust Universe tracks the performance of 377 large U.S. institutional investment plans, with a combined asset value of more than $1.4 trillion, which subscribe to performance measurement services as part of Northern Trust’s asset servicing offerings.

Corporate ERISA pension plans returned 6.2% at the median, Foundations and Endowments produced a 6.0% median return and Public Funds had a median return of 5.6% in the three-month period ending June 30, 2021.

“U.S. equity market returns were driven by climbing U.S. Covid-19 vaccination rates, proposals for massive federal infrastructure spending, and strong returns across the technology sector,” said Amy Garrigues, global head of Investment Risk and Analytical Services at Northern Trust. “International market data was also encouraging. The Markit eurozone PMI rose to its highest level since 2006, and the European Commission approved an $800 billion Covid-19 recovery package which was well received by European markets. With these combined factors, the Northern Trust Universe saw one of its most impressive quarters within the last decade.”

U.S. equity is a core holding for most plans in the Northern Trust Universe, and the Northern Trust U.S. equity program universe reported a 7.8% median gain in the second quarter. Another top holding for most plans, U.S. fixed income, had a median return of 2.2% for the quarter.

The U.S. fixed income allocation was 42.9% of the median Corporate ERISA plan assets. ERISA plans’ allocation to U.S. equity was 24.1% and international equity median exposure was 6.1% in the second quarter.

Public Fund plans have the highest allocations to equity, with the median U.S. equity allocation at 34.0% at the end of the second quarter. International equity median exposure came to 15.2%. The median exposure to U.S. fixed income for Public Funds was 20.8%.

Foundation and Endowment plans had a median U.S. equity allocation of 22.9% in the second quarter, down by 4.4% from five years earlier. International equity median exposure was 9.2% and the median exposure to U.S. fixed income was 8.4%. In the F&E universe, private equity and hedge fund median allocations come in at 20.0% and 9.4% respectively as of quarter end.

Results of U.S. plan level universes as of June 30, 2021:
		2nd Qtr		1 Yr		3 Yr		5 Yr
ERISA		6.2%		18.0%		11.8%		10.4%
Public Funds		5.6%		26.4%		10.9%		10.9%
Foundations & Endowments		6.0%		30.5%		12.0%		11.7%

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2021, Northern Trust had assets under custody/administration of US$15.7 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Steet, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

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Missouri American Water Announces 2021 Firefighter Grant Program

ST. LOUIS–(BUSINESS WIRE)–
Missouri American Water is accepting applications for its 2020 Firefighter Grant Program through August 30, 2021 to provide financial assistance to fire and emergency organizations serving communities within the water utility’s service areas.

Grants of up to $1,200 will be considered to cover the costs of necessary firefighting tools, personal protective gear, training and more.

According to Debbie Dewey, president of Missouri American Water, the Firefighter Grant Program is an excellent opportunity for the company to support fire protection efforts across the state. She said, “As the water provider for one in four Missourians, we understand the critical roles fire protection and emergency first response play to keep our communities safe. Providing critical equipment and training for firefighters is equally as important as keeping clean, safe and reliable water flowing to customers.”

Last year, Warrensburg’s fire department used grant funding to purchase nozzles while Branson’s fire department used the funding to provide ultraviolet HVAC systems to disinfect fire apparatuses.

“Thank you so much to you and American City Waters MO grants to the Warrensburg Fire Department,” said Deputy Fire Chief Doyle Oxley, of the Warrensburg Fire Department.

Only uniformed professional and volunteer fire departments serving Missouri American Water’s service territory are eligible to receive funding. Fire departments-districts are eligible for one grant per calendar year.

Grants will be considered to cover the costs associated with the following:

• Personal protective gear
• Communications equipment
• Firefighting tools
• Water handling equipment
• Training and related activities/materials used to support community fire protection
• Reimbursement for specific fire training classes, including training manuals and workbooks

Fire departments should send a letter of application postmarked by August 30, 2021 with the following information:

• Description of the organization(s) seeking support
• Overview of specific project to be funded and grant amount requested
• Community problem/challenges that the project will address
• Timeframe for implementation of project
• Summary of other sources being approached for support of project
• Project budget

Applications can be emailed to Megan Watson, external affairs specialist, at [email protected]

Missouri American Water

Missouri American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 1.5 million people. For more, visit missouriamwater.com and follow Missouri American Water on Twitter, Facebook,LinkedIn and Instagram.

American Water

With a history dating to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to more than 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

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GE Healthcare Brings Radiology Without Walls to Resource-Constrained Small Imaging Centers With AI-Enabled, Cloud Imaging Solution

• Edison True PACS¹ is a transformative system, offering AI-enabled decision support to help radiologists adapt to higher workloads and increased exam complexity, and improve diagnostic accuracy

• Innovative, cloud-based system removes barriers to adopting new diagnostic radiology efficiency applications and supports distributed reading models such as teleradiology, a surging trend since COVID-19

CHICAGO–(BUSINESS WIRE)–
An acute shortage of radiologists and growing demand for imaging scans has put radiology departments under increased strain – and GE Healthcare has developed a next-generation, cloud-based Picture Archive and Communication System (PACS) designed to overcome those barriers.

Today, GE Healthcare introduces Edison True PACS, a diagnostic imaging and workflow solution designed to help enable radiologists – who are experiencing high rates of staff burnout and retirements – to be more efficient and precise, while keeping capital and IT resources under control. Currently, it is available in the U.S., with rollout expected in some other regions starting in 2022.

“Radiologists are desperate for the latest tools to most effectively do their jobs. But organizations often lack the financial and IT resources required to access and implement them,” said Girish Muralidharan, Senior Vice President & General Manager, Enterprise Imaging Solutions, GE Healthcare. “With the launch of Edison True PACS, we have taken the first steps to provide cloud-based enterprise imaging solutions that can help transform patient care through accessible, sharable, and secure imaging data while simultaneously improving clinical and operational efficiencies.”

Edison True PACS arrives at a critical time in the industry, as healthcare organizations struggle to keep their enterprise and departmental solutions current as well as secure, while at the same time remotely accessible. Too often, PACS systems require constant monitoring and patching for security vulnerabilities, as well as OS and application updates; these needs also require periodic and capital-draining hardware upgrades. Further, with AI enabling new productivity and accuracy tools, many organizations lack the IT resources to adopt these changes promptly.

Enter Edison True PACS, which provides innovative, AI-enabled decision-making tools that helps enhance reading speed, reduce errors, improve diagnostic precision and enable more confident diagnoses. Plus, as a cloud- hosted or subscription solution, IT budgets and resources aren’t depleted or strained.

These advantages make Edison True PACS especially attractive for small imaging centers and community hospitals, removing barriers radiologists and their organizations face in acquiring cutting-edge diagnostic radiology solutions. By leveraging a market leading database and AI-enabled technologies, the solution gives them a timelier and more affordable way to access AI-enabled decision support applications and intelligent workflow automation.

Through a web-based diagnostic viewer and a zero-footprint clinical viewer, radiologists will benefit from the ability to do remote reading anytime, anywhere,² to assist their referring clinicians to ultimately deliver more timely, personalized and precise care.

In addition, GE Healthcare’s new imaging solution is deployed on AWS Cloud, designed to provide users data security and protection. As the leading vendor of AI-based medical imaging applications worldwide,³ GE Healthcare is in a unique position to assist radiologists be more efficient while helping to improve diagnostic accuracy and keeping pace with the growing workloads and complexity of imaging studies that occur within the hospital or in a teleradiology setting.

Improving Access to AI-Based Clinical Imaging Solutions

Radiology is one of the most promising areas for AI in healthcare and rapid progress is occurring in the field. Clinical adoption of AI by radiologists has gone from essentially zero to 30% from 2015 to 2020, according to a study by the American College of Radiology.⁴ However, healthcare providers may be reluctant to purchase AI tools from multiple developers due to integration and implementation challenges. Another barrier to adoption is the need for AI-based image analysis tools to be fully integrated into radiologists’ workflows and tightly integrated.

GE Healthcare has cultivated a rapidly expanding network of 3^rd party developers using Edison ecosystem who have created AI algorithms for multiple diagnostic tasks. Edison True PACS seamlessly integrates these into the workflow without adding any additional clicks helping to ensure radiologists read the right exam at the right time.

These applications help reduce radiologists’ read and reporting time and could help lead to a more precise and confident diagnoses. For example, while using an MRI AI application to evaluate multiple sclerosis cases, radiologists report read times that are up to 60% faster than reports performed without the application,⁵ and while using an app to evaluate lung nodules on a CT, radiologists report a 26% reduction in read times⁶ and up to a 29% increase in diagnostic confidence.⁷

Edison True PACS brings together diagnostic reading, exam workflow, AI, 3D post processing, enterprise visualization and archiving all in a single platform, to provide advanced functionality at an affordable cost.

Key benefits of the system include:

• Over 50% increase in radiologist efficiency for certain types of exams through incorporation of Intelligent workflows and AI clinical applications.⁸
• Potential to provide up to a 90% reduction in typical time required to adopt AI applications due to fully hosted offering and managed services.⁹
• Estimated 50% reduction in migration/implementation costs for customers enabled by cloud automation, simplified data migration, standard Health Level Seven (HL7) configuration, and default workflow configurations with a reduced total cost of ownership for customers on cloud.¹⁰

“From our perspective, Edison True PACS will save a tremendous amount of money on our data storage, as not having to host PACS on-site is going to be a significant reduction on that spend,” noted Richard Duemmling, Chief of Business Operations at Neuro Imaging Winter Park. “Not having to store back-ups and duplicates on-site benefits us by taking workload off of our production team.”

Matching Organizations’ Needs and Budget

Edison True PACS is available as software as a service (SaaS) or on premise, and in three subscription models to best match organizations’ objectives and budget:

1. Edison True Technologist is for organizations that have outsourced their reading and need technologist workflow, image routing, storage, referrer viewing and archiving.
2. Edison True Essentials provides a low upfront capital requirement, and affordable/predictable cost of ownership. It allows organizations to allocate available funds and resources to support more strategic organizational goals and activities.
3. Edison True Professional is designed to help reduce the risks in keeping pace with rapid changes in technology. It helps ensure radiologists always have the most up to date features to ensure their highest productivity and accuracy.

For more information about Edison True PACS from GE Healthcare visit: www.gehealthcare.com/withoutwalls. Information on available AI applications can be found on the GE Healthcare’s Edison Marketplace.

About GE Healthcare:

GE Healthcare is the $18 billion healthcare business of GE (NYSE: GE). As a leading global medical technology, pharmaceutical diagnostics and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform. With over 100 years of healthcare industry experience and around 47,000 employees globally, the company operates at the center of an ecosystem working toward precision health, digitizing healthcare, helping drive productivity and improve outcomes for patients, providers, health systems and researchers around the world.

Follow us on Facebook, LinkedIn, Twitter and Insights, or visit our website www.gehealthcare.com for more information.

¹ Edison True PACS is a solution made up of Universal Viewer, Enterprise Archive, Centricity Universal Viewer Zero Footprint Client and 3rd party AI applications via Edison Open AI Orchestrator.

² Anywhere the Internet is available

³ Signify Research LTD, Machine Learning in Medical Imaging World Market Analysis, June 5, 2020

⁴ Source: https://doi.org/10.1016/j.jacr.2021.04.002

⁵ Example reading time reduction with on MS disease specific reporting with use of Icobrain ms by Iconetrix. Sima et al. 2020

⁶ Source: Riverain Technologies Medical DeltaView FDA 510(K) Reader Study Results, 2011

⁷ Source: Lo, S. B., Freedman, M. T., Gillis, L. B., White, C. S., & Mun, S. K. (2018). JOURNAL CLUB: Computer-Aided Detection of Lung Nodules on CT With a Computerized Pulmonary Vessel Suppressed Function. American Journal of Roentgenology, 210(3), 480–488. doi: 10.2214/ajr.17.18718

⁸ Taken from 3 party case studies on the use of optional AI-based clinical imaging applications. This efficiency can differ depending on the radiologist workflow practice and AI application used.

⁹ Estimated, based on internal GE Healthcare engineering calculations. This could vary depending on the hospital or imaging center setting.

¹⁰ Estimated, based on internal GE Healthcare engineering calculations.

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Jennifer Fox

1-414-530-3027

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Software Radiology Practice Management Health Data Management Hospitals Technology Security

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Posted on August 9, 2021 10:18 am

Box Board of Directors Highlights Changes Made to Drive Stockholder Value

Box Board of Directors Highlights Changes Made to Drive Stockholder Value

Significant Operational and Financial Progress, Accelerated Growth Strategy and Governance Enhancements Over the Last Year and a Half

REDWOOD CITY, Calif.–(BUSINESS WIRE)–
The Box, Inc. (NYSE: BOX) Board of Directors today issued the following statement in response to the investor presentation and press release issued by Starboard Value LP (“Starboard”):

The Box of today is not the Box of 2019. Over the last year and a half, the Box Board and management team have taken meaningful actions to accelerate the company’s growth strategy, improve its operational and financial results, and enhance its governance. Box’s reconstituted, world-class Board – seven directors of whom have joined in the last three years – is overseeing the execution of the right strategy, placing Box in the strongest financial position in its history, and leading to total stockholder returns that have outperformed Box’s SaaS peer set¹ in the past year.

The Box Board acknowledged that change was needed when Box previously settled with Starboard in March 2020. That change has happened and more efforts are underway. Since March 2020, the Board and management have taken concrete action to enhance stockholder value, including by:

• Reshaping the Board: Box added four new directors, including two who were approved by Starboard. One of the Starboard approved directors, Bethany Mayer, serves as the independent Chair of the Board and Chair of the Compensation Committee, while the second Starboard-approved director, Jack Lazar, serves as Chair of the Audit Committee. In addition, the Box Board today includes executives with deep technology industry expertise, diverse skillsets, and proven track records driving disciplined growth, profitability, and stockholder value. Importantly, each director brings significant public company experience serving as directors and C-suite executives of multi-billion dollar publicly traded SaaS and enterprise software companies.

• Forming the Operating Committee: The Operating Committee, which also includes two Starboard-approved directors, has been focused specifically on driving improved operating margin and reaccelerating revenue growth. The Board, Operating Committee and management team at Box are already executing a comprehensive strategy focused on growth and profitability that goes well beyond the suggestions in Starboard’s presentation. Following the March 2020 settlement, the Operating Committee comprehensively reviewed the operational efficiency of the business, and is overseeing a multi-quarter effort to streamline overlays, lower headcount expenses, expand into engineering outside of the U.S., shift investments to higher performing regions, move infrastructure to the public cloud, lower T&E expenses, and much more. To accelerate growth, the company has been actively implementing a number of strategic go-to-market initiatives, including optimizing pricing and packaging, improving sales segmentation and territory planning, driving revenue-focused marketing programs and pipeline generation, increasing sales enablement, doubling down its focus on key verticals such as Financial Services, Life Sciences, and Government, and expanding Box’s partner ecosystem.

• Improving Operating and Financial Performance: Box is in the strongest financial position in its history, and the company’s progress has continued to be reflected in Box’s performance through the end of fiscal 2021 and into fiscal 2022. For the fiscal year ended January 31, 2021, Box achieved revenue growth rate plus free cash flow margins of over 26%, exceeding the company’s stated target of 25% and nearly doubling the results from fiscal year 2020. For the first quarter of fiscal 2022, the company also achieved revenue of $202 million, a 10% increase year-over-year, an acceleration from the 8% growth delivered in the prior quarter. Since the Starboard settlement in March 2020, Box has generated total stockholder returns of 106%², outperforming its SaaS peer set.³

• Executing Go-Forward Strategy Alongside a World Class Partner: The Board formed a Strategy Committee, which included two Starboard-approved directors, to lead a multi-month comprehensive review of strategic options that had been expressly desired by certain stockholders. Following this strategic review, the Board unanimously determined that the KKR-led investment and subsequent self-tender was the best path forward for Box stockholders. This outcome is a validation of Box’s strategy and the potential to create future value for all stockholders. KKR would not have made a significant investment in the company if it didn’t believe the stock price could appreciate well beyond the conversion price of $27 per share – an important endorsement for the sell-side and all Box investors. The company also benefits from the addition of John Park, Head of Americas Technology Private Equity at KKR, to the Board. Importantly, the self-tender provided the ability for stockholders to choose to either sell their stock at a 43% premium to the closing price on January 15, 2021, the last trading day prior to when the Board began its strategic review, or to continue as stockholders to participate in the upside potential alongside KKR as a long-term investor.

• Enhancing Corporate Governance and Compensation Practices: In addition to appointing Starboard-approved directors as Board Chair and Chairs of the Audit and Compensation Committees, the Board has implemented additional governance enhancements and continues to evolve executive compensation practices. The Board separated the positions of Chair and Chief Executive Officer when it appointed Ms. Mayer to the position of Chair. Additional governance enhancements made include changing the vote required to elect directors from a plurality of votes cast to a majority of votes cast (with a carve-out to provide for a plurality voting standard in contested director elections); eliminating the supermajority voting requirements to amend the company’s bylaws; and approving the elimination of the supermajority vote requirement to amend certain provisions of the company’s charter, subject to stockholder approval. The Board is committed to reducing the compensation program’s equity burn rate and remains open to stockholder feedback regarding additional changes to ensure continued alignment with stockholders.

The Box Board is focused on executing and delivering value to stockholders. It is unanimous in its belief that the further changes to the Board now proposed by Starboard, replacing three highly qualified directors with its own nominees, are neither warranted nor in the best interests of all stockholders. The Board is committed to acting in the best interests of all stockholders and to maximizing stockholder value.

The Box Board of Directors unanimously recommends that stockholders vote the BLUE proxy card “FOR” ALL of Box’s three highly qualified directors standing for election – Dana Evan, Peter Leav and Aaron Levie – at the Annual Meeting, which will be held on September 9, 2021. Box stockholders of record at the close of business on July 12, 2021 are entitled to vote at the Annual Meeting.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to Box. Wilson Sonsini Goodrich & Rosati, P.C. and Sidley Austin LLP are serving as legal advisors to Box.

About Box

Box (NYSE:BOX) is the leading Content Cloud that enables organizations to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working with a best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca, JLL, and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices in the United States, Europe, and Asia. To learn more about Box, visit http://www.box.com. To learn more about how Box powers nonprofits to fulfill their missions, visit Box.org.

Forward-Looking Statements

Certain statements contained herein contain forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, Box’s results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements about the company’s future financial and operating results, including expectations regarding revenue, deferred revenue, billings, remaining performance obligations, gross margins and operating income; its ability to deliver enhanced stockholder value; the KKR-led investment and achievement of its potential benefits; any potential repurchase of shares of Box common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the per share price of any such repurchase; its market opportunity, business plan and ability to effectively manage its growth; its ability to maintain an adequate rate of revenue and billings growth and its expectations regarding such growth; its ability to achieve profitability and expand or maintain positive cash flow; its ability to achieve long-term margin objectives; its ability to grow unrecognized revenue and remaining performance obligations; its expectations regarding its revenue mix; costs associated with defending intellectual property infringement and other claims and the frequency of such claims; its ability to attract and retain end-customers; its ability to further penetrate its existing customer base; its expectations regarding its retention rate; its ability to displace existing products in established markets; its ability to expand its leadership position as a cloud content management platform; its ability to timely and effectively scale and adapt its existing technology; its investment strategy, including its plans to further invest in its business, including investment in research and development, sales and marketing, its data center infrastructure and its professional services organization, and its ability to effectively manage such investments; its ability to expand internationally; expectations about competition and its effect in its market and its ability to compete; the effects of seasonal trends on its operating results; use of non-GAAP financial measures; its belief regarding the sufficiency of its cash, cash equivalents and its credit facilities to meet our working capital and capital expenditure needs for at least the next 12 months; its expectations concerning relationships with third parties; its ability to attract and retain qualified employees and key personnel; its ability to realize the anticipated benefits of our partnerships with third parties; the effects of new laws, policies, taxes and regulations on our business; management’s plans, beliefs and objectives, including the importance of its brand and culture on our business; its ability to maintain, protect and enhance its brand and intellectual property; and future acquisitions of or investments in complementary companies, products, services or technologies and its ability to successfully integrate such companies or assets. These statements are based on estimates and information available to Box at the time of this press release and are no guarantees of future performance. Box assumes no obligation and does not intend to update these forward-looking statements or to conform these statements to actual results or to changes in its expectations.

Important Additional Information and Where to Find It

Box has filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”), an accompanying BLUE proxy card and other relevant documents with the SEC in connection with such solicitation of proxies from Box stockholders for Box’s 2021 annual meeting of stockholders. BOX STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ BOX’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING BLUE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the Proxy Statement, an accompanying BLUE proxy card, any amendments or supplements to the Proxy Statement and other documents that Box files with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge in the “SEC Filings” subsection of the “Financial Information” section of Box’s Investor Relations website at www.boxinvestorrelations.com or by contacting Box’s Investor Relations department at [email protected], as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

¹ SaaS Peer Set includes: 8×8, Cornerstone OnDemand, FireEye, Guidewire, HubSpot, Momentive, New Relic, Nutanix, Qualys, SolarWinds, Zendesk and Zuora

² Data as of August 5, 2021

³ SaaS Peer Set includes: 8×8, Cornerstone OnDemand, FireEye, Guidewire, HubSpot, Momentive, New Relic, Nutanix, Qualys, SolarWinds, Zendesk and Zuora

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Posted on August 9, 2021 10:16 am

WeWork and Cushman & Wakefield Form Exclusive Strategic Partnership to Deliver Innovative Flexible Space Operating Platform

WeWork and Cushman & Wakefield Form Exclusive Strategic Partnership to Deliver Innovative Flexible Space Operating Platform

NEW YORK–(BUSINESS WIRE)–
WeWork, one of the leading global flexible space providers, and Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced they have entered into an exclusive strategic partnership to market both landlords and businesses on WeWork’s management experience platform and on new jointly developed solutions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210809005488/en/

The partnership is intended to provide clients with best-in-class office operations by combining WeWork’s proprietary platform of workplace experience management software and hospitality experience with Cushman & Wakefield’s industry-leading asset and facilities management services. Together, WeWork and Cushman & Wakefield will work to unlock opportunities to provide landlords and businesses with the ability to create a differentiated workplace experience for tenants and employees in the new hybrid world of work where flexibility remains at the forefront.

In addition, Cushman & Wakefield, WeWork and BowX Acquisition Corp are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150,000,000.00 in a non-dilutive backstop equity facility on mutually agreeable terms. (Note: The Facility would be subject to required approvals and the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The material terms of the partnership are non-binding and subject to finalization of definitive documentation.)

Sandeep Mathrani, CEO of WeWork, said: “As Covid-19 has fundamentally changed the way people work, businesses and landlords have had to rethink their approach to workspace. Partnering with Cushman & Wakefield will combine WeWork’s industry-leading workplace experience management platform and hospitality-driven Community teams with Cushman’s world class global client and property portfolio to create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce.”

Cushman & Wakefield Executive Chairman & CEO, Brett White, said, “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from the power of two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience.”

About WeWork

WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since opening our first location in New York City, we’ve grown into a global flexible space provider committed to delivering technology-driven flexible solutions, inspiring spaces, and unmatched community experiences. Today, we’re constantly reimagining how the workplace can help everyone, from freelancers to Fortune 500s, be more motivated, productive, and connected. For more information about WeWork, please visit us at wework.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Australian Therapeutic Goods Administration Grants Provisional Registration forModerna’s COVID-19 Vaccine

Australia has secured 25 million doses of Moderna’s COVID-19 vaccine

Delivery to begin in the second half of September

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Moderna, Inc. (Nasdaq: MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, today announced that the Therapeutic Goods Administration (TGA) has granted provisional registration to the COVID-19 Vaccine Moderna in Australia for active immunization to prevent COVID-19 caused by SARS-CoV-2 virus in individuals 18 years of age and older. Delivery of Moderna’s COVID-19 vaccine to Australia is expected to commence in the second half of September.

“I want to thank the government of Australia for their collaboration and for the confidence they have demonstrated in COVID-19 Vaccine Moderna with this decision,” said Stéphane Bancel, Chief Executive Officer of Moderna. “As we seek to protect people around the world with our COVID-19 vaccine, we look forward to continuing discussions with the Australian Government about potentially establishing local mRNA manufacturing capabilities.”

The Australian government has previously secured 10 million doses of COVID-19 Vaccine Moderna for delivery in 2021, through a supply agreement announced on May 12, 2021, as well as an option to procure 15 million doses in 2022. Moderna has also received emergency (or other conditional, interim or provisional) authorization for use of its COVID-19 vaccine from health agencies in more than 50 countries and an Emergency Use Listing (EUL) from the World Health Organization (WHO). The TGA continues to evaluate an application for provisional registration of Moderna’s COVID-19 vaccine for use in adolescents aged 12 to 18 years.

Authorized Use

The Therapeutic Goods Administration has granted provisional registration to the COVID-19 Vaccine Moderna in Australia for active immunization to prevent COVID-19 caused by SARS-CoV-2 virus in individuals 18 years of age and older.

IMPORTANT SAFETY INFORMATION

• Do not administer the Moderna COVID-19 Vaccine to individuals with a known history of severe allergic reaction (e.g., anaphylaxis) to any component of the Moderna COVID-19 Vaccine.
• Appropriate medical treatment to manage immediate allergic reactions must be immediately available in the event an acute anaphylactic reaction occurs following administration of the Moderna COVID-19 Vaccine. Monitor Moderna COVID-19 Vaccine recipients for the occurrence of immediate adverse reactions according to the Centers for Disease Control and Prevention guidelines (https://www.cdc.gov/vaccines/covid-19/clinical-considerations/managing-anaphylaxis.html).
• Reports of adverse events following use of the Moderna COVID-19 Vaccine under EUA suggest increased risks of myocarditis and pericarditis, particularly following the second dose. Typically, onset of symptoms has been within a few days following receipt of the Moderna COVID-19 Vaccine. Available data from short-term follow-up suggest that most individuals have had resolution of symptoms, but information is not yet available about potential long-term sequelae. The decision to administer the Moderna COVID-19 Vaccine to an individual with a history of myocarditis or pericarditis should take into account the individual’s clinical circumstances. The CDC has published clinical considerations relevant to myocarditis and pericarditis associated with administration of the Moderna COVID-19 Vaccine (https://www.cdc.gov/vaccines/covid-19/clinical-considerations/myocarditis.html).
• Immunocompromised persons, including individuals receiving immunosuppressive therapy, may have a diminished response to the Moderna COVID-19 Vaccine.
• The Moderna COVID-19 Vaccine may not protect all vaccine recipients.
• Adverse reactions reported in a clinical trial following administration of the Moderna COVID-19 Vaccine include pain at the injection site, fatigue, headache, myalgia, arthralgia, chills, nausea/vomiting, axillary swelling/tenderness, fever, swelling at the injection site, and erythema at the injection site.
• The following adverse reactions have been reported following administration of the Moderna COVID-19 Vaccine during mass vaccination outside of clinical trials:
  • Severe allergic reactions, including anaphylaxis
  • Myocarditis
  • Pericarditis
• Available data on Moderna COVID-19 Vaccine administered to pregnant women are insufficient to inform vaccine-associated risks in pregnancy. Data are not available to assess the effects of Moderna COVID-19 Vaccine on the breastfed infant or on milk production/excretion.
• There are no data available on the interchangeability of the Moderna COVID-19 Vaccine with other COVID-19 vaccines to complete the vaccination series. Individuals who have received one dose of Moderna COVID-19 Vaccine should receive a second dose of Moderna COVID-19 Vaccine to complete the vaccination series.
• Additional adverse reactions, some of which may be serious, may become apparent with more widespread use of the Moderna COVID-19 Vaccine.
• Vaccination providers must complete and submit reports to VAERS online at https://vaers.hhs.gov/reportevent.html. For further assistance with reporting to VAERS, call 1-800-822-7967. The reports should include the words “Moderna COVID- 19 Vaccine EUA” in the description section of the report.

Click for Fact Sheet for Healthcare Providers Administering Vaccine (Vaccination Providers) and Full EUA Prescribing Information for more information.

About Moderna

In 10 years since its inception, Moderna has transformed from a science research-stage company advancing programs in the field of messenger RNA (mRNA), to an enterprise with a diverse clinical portfolio of vaccines and therapeutics across six modalities, a broad intellectual property portfolio in areas including mRNA and lipid nanoparticle formulation, and an integrated manufacturing plant that allows for both clinical and commercial production at scale and at unprecedented speed. Moderna maintains alliances with a broad range of domestic and overseas government and commercial collaborators, which has allowed for the pursuit of both groundbreaking science and rapid scaling of manufacturing. Most recently, Moderna’s capabilities have come together to allow the authorized use of one of the earliest and most-effective vaccines against the COVID-19 pandemic.

Moderna’s mRNA platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, and has allowed the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases and auto-immune diseases. Today, 23 development programs are underway across these therapeutic areas, with 15 programs having entered the clinic. Moderna has been named a top biopharmaceutical employer by Science for the past six years. To learn more, visit www.modernatx.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including regarding: the Company’s efforts to develop a vaccine against COVID-19 and the supply of the vaccine to the Australian government, the timing of that delivery, the potential establishment of mRNA manufacturing capabilities in Australia, the potential for the Australian government to exercise its option to purchase additional doses for delivery in 2022, and the potential extension of the TGA’s authorization for use of the vaccine to adolescent populations. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include those other risks and uncertainties described under the heading “Risk Factors” in Moderna’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005485/en/

Moderna

Media:

Colleen Hussey

Director, Corporate Communications

617-335-1374

[email protected]

Investors:

Lavina Talukdar

Senior Vice President & Head of Investor Relations

617-209-5834

[email protected]

KEYWORDS: Australia/Oceania Australia United States North America Massachusetts

INDUSTRY KEYWORDS: Infectious Diseases Biotechnology Genetics Health

MEDIA:

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